Founding of a New Venture A new venture requires an effective team to be successful in the current competitive world. For this, the new venture

requires effective team building process to make strong team management. The effective team requires some skills for development and high performance of the venture. These team building skills include communication skills, understanding team processes and goal setting. In addition assignment helper says that, there are some other team building skills such as developing a team identity, shared vision, mission and values and understanding team roles. Along with this, the team leader should also have important team building skills that require leading a new venture. The team leader should able to discover and interpret personal profiles, set well-shaped results, negotiation, decision making and able to give and receive feedbacks etc.

Critical Factors to a New Venture Team: There are some critical factors of a new venture team that make different from other kinds of team. These critical factors are included a focus on the market, Financial foresight, Building a top management team, decision by the founding entrepreneur and for in-company ventures. These factors are quite significant to lead the better outcomes as well as to reduce the risk of new venture. In addition, if a new venture concentrates on the right problem and makes an appropriate team, both of these are critical factors as compared to other teams.

Advantages to Start a Business as a Team: If a business starts as a team rather than individuals, it has some benefits to the overall business. It is because a team work has various ideas, talent, resource, and professional contacts that help in the growth of the organization. In addition, team members can effectively communicate about the development of the business by working together. In addition, a team also has experience and abilities to decide about several factors that are important for its development. The team can provide more suggestion about technology, hiring decisions and other issues.

Disadvantages to Start a Business as a Team: Business also has some disadvantages in starting it as a team instead of individual business owner. First, all the team members cannot progress at a time, because inventors do not prefer teams who are already working together. Second, team members may also create several issues and conflicts, when business necessitates lay down a formal structure and assigning a person. Third, the decision-making process is also affected by several thoughts and ideas that may confuse the final decisions.

Key Characteristics of an Individual: There are some key characteristics of individuals that would be essential to be a member of the new venture management team. Every individual of the management team would be able to make effective communication, decision making, technical knowledge and other abilities. All these key characteristics would be helpful to make profit for new business venture. In addition, an individual should also complete his commitment and shared responsibility that is assigned to him. The team member of new venture should also be characterized with flexibility, task-oriented, team-oriented and open-mindedness to work with team in an efficient manner. Along with this, individual of team should also have ability to work within schedule & constraints and across structure & authorities, willingness to give trust and mutual support. At the same time our management case study assignment help experts say that, strengths of team members are supportive to the new venture.

It is because they give their efforts in the success of the new venture. These strengths are helpful in making appropriate planning and decision making for efficient growth of new venture. If a team member is strong in making good decisions and another one in making an appropriate plan for any organizational development and growth, strengths of team members are helpful in achieving mission and vision of new venture, because these strengths make collective strength of the new venture. A new venture is team member is driven that collects all strengths and weaknesses of the members for each business operations. It also improves coordination among all the team members to support each other. Thus, the strengths of selected team members would be supportive in the new venture.

Rewards for Team Members: A reward system is quite effective way by which team members can be rewarded if they work better from others. First, rank wise rewards system is effective to reward the team members, who are on the top rank wise. The rank of employees can be obtained by evaluation system and competition among the team members. The competition helps members to work quickly and effectively by using innovative ideas. Top rated members would be rewarded through financial rewards for meeting goals. The best grade would provide more rewards for doing a good job and to contribute efficaciously in making a successful venture.

Adding Value to the Team: As a team leader, one should be energetic and optimistic to add value to the team. It is because energetic and optimistic team leader can help the team to achieve the performance not only at individual level but also a team and organizational level. In addition, leader can also add value by creating shared communication within the overall team that they can exchange their ideas to achieve the vision of a new venture. A leader must appreciate the skills and attitude of good members that motivate them to work enthusiastically. Team leader can also add value of team by influencing team members without prevailing them. Apart from this, the leader must also create energy and excitement within the team members to align their activities with their performance.

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